With the underlying trend for job growth settled in around
125,000 by her estimates (when looking at overstatements in the
winter), Meyer believes the Fed will have to act even as election
nears this fall.

"I think that if the economy does what we think it will, which is
continue to slow, reach about 1 percent GDP growth by the fourth
quarter, I think QE is inevitable. The Fed can't sit idle," Meyer
said. "By the August 1st meeting or even September, the data
could be weak enough that it does prompt Fed action despite the
election."